{"id":40538,"date":"2023-07-26T02:22:36","date_gmt":"2023-07-26T06:22:36","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/china-city-plans-asian-games-themed-cbdc-giveaway\/"},"modified":"2023-07-26T02:22:38","modified_gmt":"2023-07-26T06:22:38","slug":"china-city-plans-asian-games-themed-cbdc-giveaway","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=40538","title":{"rendered":"China City Plans Asian Games-themed CBDC Giveaway"},"content":{"rendered":"
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The Chinese city of Shaoxing is planning an Asian Games-themed digital yuan giveaway, as the nation prepares for a major central bank digital currency (CBDC) showcase.<\/p>\n

China News Network (via East Money) reported that Shaoxing will issue residents with around $5.6 million worth of digital yuan tokens as part of an event named \u201cWelcome to the Asian Games.\u201d<\/p>\n

The media outlet reported that supermarkets, hospitals, and transport providers in the city have launched digital yuan payment functions.<\/p>\n

It also claimed that \u201cusing digital yuan payment codes\u201d (in the form of the digital yuan app\u2019s QR codes) has \u201cbecome a payment choice for many local people.\u201d<\/p>\n

The event\u2019s host city is Hangzhou, which like Shaoxing, is located in Zhejiang Province.<\/p>\n

Hangzhou was originally slated to host the event last September, but the games were delayed by a year as a result of the coronavirus pandemic.<\/p>\n

Shaoxing will play host to five Asian Games events, including baseball, softball, and volleyball.<\/p>\n

The central People\u2019s Bank of China (PBoC) has has already upgraded its official digital yuan app to allow smartphone users to pay with the CBDC on the Hangzhou Metro.<\/p>\n

And Shaoxing\u2019s own metro system has also been upgraded to accept the digital yuan.<\/p>\n

Rail links connecting the two cities also now accept CBDC-paying passengers.<\/p>\n

But it appears that the PBoC wants to further boost adoption in the province prior to the event, which kicks off on September 22.<\/p>\n

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China\u2019s Asian Games Digital Yuan Push<\/h2>\n

The CBDC giveaway event is being held by the Shaoxing Municipal Bureau of Finance.<\/p>\n

The bureau stated that the tokens will be distributed as part of a games-themed lucky draw-type event.<\/p>\n

\u201cWinning\u201d residents will receive around $14 worth of the CBDC.<\/p>\n

To be eligible, entrants must have digital yuan wallets and must be registered residents of Shaoxing.<\/p>\n

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Earlier this month, the China Merchants Bank announced it was co-launching a CBDC platform with the Civil Aviation Administration Clearing Center that will let firms \u201cuse the digital [yuan]\u201d to pay for \u201cbusiness air tickets.\u201d<\/p>\n<\/p><\/div>\n